The broad S&P 500 has managed to move ever higher, striking new highs along the way. Despite low volume, the broad-market barometer has jumped 1.9% this month. Meanwhile, the tech-heavy Nasdaq has rallied 3.2%.

There are a handful of key economic reports on tap.

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The Commerce Department reports consumer spending fell 0.1% in April, the first decline in a year, while Wall Street was expecting spending to rise 0.2%. Personal income, meanwhile, rose 0.3%, matching consensus estimates. A report later in the day is expected to show consumer sentiment edged up just slightly this month.

Consumers have been bouncing back after a harsh winter suppressed employment and activity.

A separate report is forecast to indicate the pace of acceleration in the Midwest manufacturing sector slowed down a little this month.

Elsewhere, U.S. stock-index futures fell 50 cents, or 0.48%, to $103.09 a barrel. Wholesale New York Harbor gasoline dipped 0.21% to $1,254 a troy ounce.